The Oyo State House of Assembly has approved the request of N10 billion loan facility by the state Governor, Engr. Seyi Makinde.
The loan which will be obtained from three financial institutions in the country is tagged to the development of infrastructure in the state.
The request was contained in letter July 18th, 2019 and read by the Clerk of the House at the plenary, today, July 23rd, 2019.
While passing the resolution of the House, the Speaker, Hon. Adebo Ogundoyin stated that the loan is imperative for the present administration to hit the ground running.
The Speaker disclosed further that the current financial status of the state has clearly shows that the state is bankrupt to resuscitate decay infrastructure in the state.
His words, “we cannot keep complaining about the financial mess which we have found ourselves, because governance is continual. We just have to take responsibility and move on.
“While we are working on improving our Internal Generated Revenue by restoring the state owned industries and properties, we have to look at other means where we can get needed resources to complete the ongoing projects and improve our infrastructures.
“As lawmakers, we have taken many steps towards this request. We had several meetings with the Ministry of Finance, the concern banks and also financial consultants across the state.
“These meetings were fruitful and we can say boldly that the consultations as proven that the loan request is for the good of the people of Oyo State.
“Then as the representative of the people, our next duty is to monitor the spending of the loan, its allocation to ministries and the projects intended to be executed with the loan.”
In his contribution, the Deputy Speaker, Hon. Abiodun Fadeyi lamented that the PDP led government met loads of debt running to 150 billion naira, which he described as a serious financial constrain.
He opined that as the legislative arm of government, they will make sure that the loan when obtained is equitably used by the executive arm of government on projects and infrastructural development across the state.
By Adekunle Adegboyega